Capitalism Does More For the Poor Than Any Top Down Effort at Managing Resources and "Spreading the Wealth"

As Paul Ryan mentioned in his rebuttal, capitalism has done more for the poor than any other system.  Tom Sowell provides a great illustration of this point.

"When I mention that my family used kerosene lamps when I was a small child in the South during the 1930s, that is usually taken as a sign of our poverty, though I never thought of us as poor at the time.

What is ironic is that kerosene lamps were a luxury of the rich in the 19th century, before John D. Rockefeller came along. At the high price of kerosene at that time, an ordinary working man could not afford to stay up at night, burning this expensive fuel for hours at a time.
Before Rockefeller's innovations reduced the price of kerosene to a fraction of what it had once been, there wasn't a lot for poor people to do when nightfall came, other than go to bed. But the advent of cheap kerosene added hours of light and activity to each day for people with low or moderate incomes.

It was much the same story with the advent of the automobile, which gave millions of people more range in space, as kerosene (and, later, electricity) gave them more range in terms of hours of daily activity.

Here again, automobiles and electric lights were truly luxuries of the rich when they began. Only after ways were developed to cut their costs drastically were such things brought within the reach of ordinary Americans".

full article at townhall.

http://townhall.com/columnists/ThomasSowell/2011/01/25/new_heroes_vs_old

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